Macerich (NYSE:MAC) Given New $23.00 Price Target at Compass Point

Macerich (NYSE:MAC) had its price objective raised by research analysts at Compass Point from $20.00 to $23.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the real estate investment trust’s stock. Compass Point’s price objective suggests a potential upside of 20.99% from the company’s previous close.

MAC has been the topic of several other research reports. The Goldman Sachs Group boosted their price target on Macerich from $13.00 to $14.60 and gave the stock a “sell” rating in a research note on Thursday, September 19th. Piper Sandler upped their price target on Macerich from $11.00 to $14.00 and gave the stock an “underweight” rating in a report on Tuesday, September 3rd. Evercore ISI boosted their target price on Macerich from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Wednesday, August 28th. StockNews.com upgraded shares of Macerich from a “sell” rating to a “hold” rating in a research report on Friday, August 2nd. Finally, Bank of America upped their price target on shares of Macerich from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Four equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Macerich currently has an average rating of “Hold” and an average price target of $16.40.

Macerich Stock Performance

Shares of Macerich stock traded up $0.40 during trading hours on Thursday, hitting $19.01. 643,906 shares of the company were exchanged, compared to its average volume of 1,770,883. The business has a 50-day moving average of $17.48 and a 200-day moving average of $16.00. The stock has a market capitalization of $4.11 billion, a price-to-earnings ratio of -57.60, a P/E/G ratio of 0.62 and a beta of 2.50. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 1.76. Macerich has a 1 year low of $9.90 and a 1 year high of $20.27.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MAC. Metis Global Partners LLC lifted its stake in shares of Macerich by 31.1% in the third quarter. Metis Global Partners LLC now owns 22,242 shares of the real estate investment trust’s stock worth $406,000 after acquiring an additional 5,280 shares in the last quarter. Victory Capital Management Inc. grew its position in Macerich by 7.7% in the third quarter. Victory Capital Management Inc. now owns 89,058 shares of the real estate investment trust’s stock worth $1,624,000 after acquiring an additional 6,346 shares in the last quarter. Versor Investments LP bought a new position in shares of Macerich in the third quarter worth about $516,000. Assetmark Inc. lifted its stake in shares of Macerich by 5.6% in the third quarter. Assetmark Inc. now owns 18,404 shares of the real estate investment trust’s stock valued at $336,000 after buying an additional 971 shares during the period. Finally, Van ECK Associates Corp increased its stake in Macerich by 12.3% in the third quarter. Van ECK Associates Corp now owns 37,235 shares of the real estate investment trust’s stock valued at $681,000 after acquiring an additional 4,086 shares during the period. 87.38% of the stock is currently owned by institutional investors and hedge funds.

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT). As a leading owner, operator and developer of high-quality retail real estate in densely populated and attractive U.S. markets, Macerich’s portfolio is concentrated in California, the Pacific Northwest, Phoenix/Scottsdale, and the Metro New York to Washington, DC corridor.